2,928 Shares in Fortinet, Inc. (NASDAQ:FTNT) Purchased by PDS Planning Inc

PDS Planning Inc acquired a new position in shares of Fortinet, Inc. (NASDAQ:FTNTFree Report) in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 2,928 shares of the software maker’s stock, valued at approximately $200,000.

Other hedge funds have also added to or reduced their stakes in the company. Rise Advisors LLC raised its holdings in shares of Fortinet by 135.6% in the 1st quarter. Rise Advisors LLC now owns 377 shares of the software maker’s stock worth $26,000 after purchasing an additional 217 shares during the period. Vima LLC bought a new stake in shares of Fortinet in the fourth quarter valued at $25,000. Atwood & Palmer Inc. purchased a new position in shares of Fortinet during the 4th quarter valued at $29,000. Headinvest LLC bought a new position in shares of Fortinet during the 3rd quarter worth $29,000. Finally, Creekmur Asset Management LLC purchased a new stake in Fortinet in the 4th quarter worth about $32,000. Institutional investors own 83.71% of the company’s stock.

Wall Street Analyst Weigh In

FTNT has been the subject of several recent research reports. Guggenheim reiterated a “buy” rating and issued a $81.00 target price on shares of Fortinet in a research note on Tuesday, June 25th. Morgan Stanley reduced their price target on Fortinet from $81.00 to $73.00 and set an “overweight” rating for the company in a research report on Friday, May 3rd. Cantor Fitzgerald dropped their price objective on Fortinet from $65.00 to $55.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Piper Sandler reduced their target price on Fortinet from $75.00 to $70.00 and set a “neutral” rating for the company in a report on Friday, May 3rd. Finally, Scotiabank lowered their price target on shares of Fortinet from $90.00 to $80.00 and set a “sector outperform” rating on the stock in a report on Friday, May 3rd. Two investment analysts have rated the stock with a sell rating, twenty have issued a hold rating and eleven have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $70.03.

View Our Latest Research Report on Fortinet

Fortinet Stock Up 0.6 %

Shares of FTNT stock opened at $61.09 on Monday. The business’s fifty day moving average is $60.21 and its 200 day moving average is $63.90. The stock has a market cap of $46.67 billion, a price-to-earnings ratio of 39.93, a PEG ratio of 2.98 and a beta of 0.98. Fortinet, Inc. has a twelve month low of $44.12 and a twelve month high of $81.24.

Fortinet (NASDAQ:FTNTGet Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The software maker reported $0.43 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.38 by $0.05. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. Fortinet had a net margin of 22.23% and a negative return on equity of 2,235.48%. Fortinet’s revenue was up 7.2% on a year-over-year basis. During the same period last year, the company posted $0.29 EPS. Equities research analysts expect that Fortinet, Inc. will post 1.47 earnings per share for the current fiscal year.

Insider Transactions at Fortinet

In related news, CFO Keith Jensen sold 18,701 shares of the firm’s stock in a transaction that occurred on Wednesday, June 5th. The stock was sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the completion of the transaction, the chief financial officer now owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. In related news, CFO Keith Jensen sold 18,701 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $59.68, for a total transaction of $1,116,075.68. Following the sale, the chief financial officer now directly owns 4,663 shares of the company’s stock, valued at approximately $278,287.84. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Ken Xie sold 24,235 shares of Fortinet stock in a transaction dated Tuesday, June 11th. The stock was sold at an average price of $59.53, for a total transaction of $1,442,709.55. Following the completion of the transaction, the chief executive officer now directly owns 48,742,483 shares of the company’s stock, valued at $2,901,640,012.99. The disclosure for this sale can be found here. Insiders have sold a total of 91,638 shares of company stock valued at $5,705,568 in the last ninety days. 18.00% of the stock is currently owned by corporate insiders.

Fortinet Company Profile

(Free Report)

Fortinet, Inc provides cybersecurity and convergence of networking and security solutions worldwide. It offers secure networking solutions focus on the convergence of networking and security; network firewall solutions that consist of FortiGate data centers, hyperscale, and distributed firewalls, as well as encrypted applications; wireless LAN solutions; and secure connectivity solutions, including FortiSwitch secure ethernet switches, FortiAP wireless local area network access points, FortiExtender 5G connectivity gateways, and other products.

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Institutional Ownership by Quarter for Fortinet (NASDAQ:FTNT)

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